Solution of Problems in Comments

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Solution: Because both are not related with service but with transfer of product. The physical asset's decrease or increase will be affected real account's rule. If we have provided service or received service,we have paid money or received money, then we apply the nominal account rule on it.

1. Because it is important to understand anything, if your attention will be outside, you will learn nothing.

2. Time is very limited, you will not get another chance for paying attention.

3. It is helpful for teacher because when he sees that students are paying attention, he can teach more better way.

3. Very good explanation sir. One clarification -If a share is trading at Rs.100 in India and GDRs are used, and if the exchange rate prevailing at the time of issue of GDRs is Rs.50, then the number of GDRs issued to an American investor who is willing to subscribe for 100 shares will be two GDRs. Am I correct.

Solution : Prakash Raj, it is not necessary. Actually, different company's GDRs will be different. Check at here.

4. Dear Vinod Sir, I'm not a tally/Accounts professional, but I do work on tally. I have a doubt. like can we use tally for simple accounting. for eg. If somebody gave me Rs 50000 that I have to use for daily expense. what all entry I have to post, if it is a new tally. Thanks

8. Sir I am teaching Tally in my own ComputerInstitute but I am facing some problem like if I purchase a tempo for delivery then how can pass the entry and under which group. 2nd I am purchasing shop then how can pass entry. I am conducting tally class first time so some quires are facing.

Solution : Suerkha, both shop and tempo are the fixed assets, if you have bought on cash, then just use the payment voucher otherwise, you need to pass it in journal voucher. Before this, create the ledger account of tempo and shop.

Solution : d) is wrong, no need to show 172 cr. . a), b) and c) are correct.

10. I'm using tally9 trail version. I create someone company time period 1-4-12 to 31-3-13. some date are not enter in this time period and after sometime, my tally is crash and show a massege "close the programme". I'm using win7 ultimate.

Solution : Try to install tally from official site of tally solution company.

11. Downey Corporation sold $400,000 of 9 percent,10-year bonds for face value on September 1, 2011. The issue date of the bonds was May 1, 2011. The company’s fiscal year ends on December 31, and this is its only bond issue. Record the sale of the bonds on September 1 and the first semiannual interest payment of November 1, 2011. What is the bond interest expense for the year ended December 31,2011?

14. Here the shopkeeper not received the commission from distributor in cash form, so how can we pass the entry for this transaction. because if we pass the above entry than cash a/c Debited, which is wrong, because cash is not receiving.

Solution : This happened because you have not created stock items and units of measurements in inventory info.

17. Hi sir I'm new to accounting field. And I'm working as a Accountant for service sector. Please help me toPrepare a financial statement for this financial year. And How can I know the Capital and profit position of the company.

Solution : To make financial statement is not difficult. I hope, you will able to make balance sheet after this content. Search other content in accounting education which will help you to make incomestatement. If you will use different accounting ratio, you canknowing you capital position. For example debt equity ratio orgearing ratio. For knowing profit position, you have to studyprofitability ratios.

18. How to manage expenses of each Engineers i,econveyance, food, hotel bills and to make a balance sheet or expense sheet in tally ERP9.

Solution : Just open tally, pass the entry of each expense, you will get the report of each engineer's expenses, hotel bills. Tally will make balance sheet and total expense sheet automatically.

19. Good to know that this blog is dedicated toinvestments and I am also finding it very useful too. Now a daysmany investors are losing money inIndian stock market tipsandare quite frustrated with the current volatility. So let’s discusswhat according to you is the best possible action in current marketsituations?

Solution : Provident fund contribution is the liability of business, so, it will be shown in the liability side of balance sheet.

21. A lot of people opt for commodity futurestrading because it provides lucrative profits from minimum use of capital. Many people have benefited within a short span of time from only commodity futures trading. Are there any other benefits?

Solution : One of main benefit of commodity futures trading, it will reduce the risk of fluctuations in prices of commodity.

22. It is good but I have to also attend my tutions, so what should I ? my tutions are as following :- math :- 4:00 pm monday alternate. eng :- 5:00 pm monday altenate. science :- tuition tuesday alternate. sanskrit tution :- 6:30 - 7:30 pm.(tues. alt.) s.st tution :- any time I can adjust when I fell free., so,sir help me what should I do ,so that I can also study atleast 6hours. and all thing can managed according to time. thanks forhelping me. your faithful, Gautam.

Solution : My time table is not so strict. It is just guidance how should be the time table of a student. You should not take all subject tuition in one day. Suppose, you can learn 2 subject one day on the tuition and give time to revise them. Other 3 subject can be learned next day.

23. On 1st July 2000 Sameer Traders, Nasikacquired a machinery for Rs. 50000 from M/s Anil Co. Ltd. on credit. On 1st April 2001 an additional machinery was purchased for Rs. 20000. On 1st October 2002 machinery costing Rs. 25000 purchased on 1st July 2000 was sold through a broker for Rs.20000 & brokerage @ 2% of selling price paid. Depreciation is charged on 31st March every year @ 20% p.a. under Diminishing balance method. Prepare machinery A/c for three years i.e. 2000-01, 2001-02 & 2002-03 PlzzzzHelp!!!!

Solution : You can easily solve it with some examples of diminishing balance method. But remember when you have to calculate the profit loss on sale of machinery, you will deduct all the depreciation up to the date of sale from original cost of machinery. You will also deduct the brokerage from total sale price. Then net sale price and cost after depreciation will be the profit or loss on sale of machinery.

24. What is its journal entries in the separate book of account A,B,C? A paid to B on the behalf of C rs. 5000.

Solution : Actually in this transaction, C has to pay b but suppose C has to pay B through online but he has not bank account online. So, A pays to b. But this is the investment and same money, he has to take from C.

There is nothing value of D because is just post man for transferring to

In books of A

B account Dr. 5000

To cash account 5000

C's Loan Account Dr. 5000

To B's Account Cr. 5000

In books of B

Cash A/C Dr. 1000

To C's A/C 1000

In books of C

B's Loan A/C Dr. 1000

To A's Loan A/C 1000

25. In a sum, if they mention that the provision for bad debts is reduced from 4000 to 3000, and bad debts for the year are 11500 and the trade debtor value is 33000. what is thefigure we show in the balance sheet as debtors?

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